NXP Semiconductors Reports First Quarter 2017 Results
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NXP Semiconductors | |
Table 5: Financial Reconciliation of GAAP to non-GAAP Results (unaudited)
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| ($ in millions except share data) | |
Three Months Ended | |
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April 2, 2017 | |
December 31, 2016 | |
April 3, 2016 | |
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Revenue | |
$ |
2,211 | | |
$ |
2,440 | | |
$ |
2,224 | | |
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GAAP Gross profit | |
$ |
1,079 | | |
$ |
1,189 | | |
$ |
597 | | |
| PPA effects | | | (59 | ) | | | (60 | ) | | | (496 | ) | |
| Restructuring | | | (1 | ) | | | (1 | ) | | | (4 | ) | |
| Stock Based Compensation | | | (9 | ) | | | (12 | ) | | | (15 | ) | |
| Other incidentals | | | 4 | | | | 14 | | | | - | | |
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Non-GAAP Gross profit | |
$ |
1,144 | | |
$ |
1,248 | | |
$ |
1,112 | | |
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|
GAAP Gross margin | | |
48.8 |
% | | |
48.7 |
% | | |
26.8 |
% | |
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Non-GAAP Gross margin | | |
51.7 |
% | | |
51.1 |
% | | |
50.0 |
% | |
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| GAAP Research and development | | $ | (367 | ) | | $ | (362 | ) | | $ | (403 | ) | |
| Restructuring | | | 12 | | | | 2 | | | | (11 | ) | |
| Stock based compensation | | | (29 | ) | | | (32 | ) | | | (32 | ) | |
| Merger-related costs | | | (1 | ) | | | - | | | | - | | |
| Other incidentals | | | - | | | | (1 | ) | | | - | | |
| Non-GAAP Research and development | | $ | (349 | ) | | $ | (331 | ) | | $ | (360 | ) | |
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| GAAP Selling, general and administrative | | $ | (266 | ) | | $ | (292 | ) | | $ | (296 | ) | |
| PPA effects | | | (6 | ) | | | (5 | ) | | | (1 | ) | |
| Restructuring | | | (3 | ) | | | (6 | ) | | | (5 | ) | |
| Stock based compensation | | | (30 | ) | | | (38 | ) | | | (52 | ) | |
| Merger-related costs | | | (29 | ) | | | (37 | ) | | | (5 | ) | |
| Other incidentals | | | - | | | | (3 | ) | | | - | | |
| Non-GAAP Selling, general and administrative | | $ | (198 | ) | | $ | (203 | ) | | $ | (233 | ) | |
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| GAAP amortization of acquisition-related intangible assets | | $ | (365 | ) | | $ | (363 | ) | | $ | (367 | ) | |
| PPA effects | | | (365 | ) | | | (363 | ) | | | (367 | ) | |
| Non-GAAP amortization of acquisition-related intangible assets | $ | - | | | $ | - | | | $ | - | | |
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| GAAP Other income (expense) | | $ | 1,598 | | | $ | 1 | | | $ | (2 | ) | |
| PPA effects | | | - | | | | 1 | | | | - | | |
| Other incidentals | | | 1,596 | | 1) | | (1 | ) | | | (2 | ) | |
| Non-GAAP Other income (expense) | | $ | 2 | | | $ | 1 | | | $ | - | | |
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GAAP Operating income (loss) | |
$ |
1,679 | | |
$ |
173 | | |
$ |
(471 |
) | |
| PPA effects | | | (430 | ) | | | (427 | ) | | | (864 | ) | |
| Restructuring | | | 8 | | | | (5 | ) | | | (20 | ) | |
| Stock based compensation | | | (68 | ) | | | (82 | ) | | | (99 | ) | |
| Merger-related costs | | | (30 | ) | | | (37 | ) | | | (5 | ) | |
| Other incidentals | | | 1,600 | | 1) | | 9 | | | | (2 | ) | |
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Non-GAAP Operating income (loss) | |
$ |
599 | | |
$ |
715 | | |
$ |
519 | | |
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GAAP Operating margin | | |
75.9 |
% | | |
7.1 |
% | | |
-21.2 |
% | |
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Non-GAAP Operating margin | | |
27.1 |
% | | |
29.3 |
% | | |
23.3 |
% | |
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GAAP Financial income (expense) | | $ | (136 | ) | | $ | (96 | ) | | $ | (116 | ) | |
| PPA effects | | | - | | | | - | | | | 3 | | |
| Non-cash interest expense on convertible notes | | | (10 | ) | | | (9 | ) | | | (10 | ) | |
| Foreign exchange gain (loss) | | | (5 | ) | | | (2 | ) | | | (9 | ) | |
| Extinguishment on debt | | | (41 | ) | | | - | | | | (3 | ) | |
| Changes in fair value of warrant liability | | | - | | | | - | | | | - | | |
| Other financial expense | | | (5 | ) | | | (6 | ) | | | (4 | ) | |
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Non-GAAP Financial income (expense) | |
$ |
(75 |
) | |
$ |
(79 |
) | |
$ |
(93 |
) | |
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| 1) Adjustment relates primarily to the gain on the sale of the SP business on February 6, 2017. | |
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